BASF extends offer period to acquire shares of Norway's Pronova

19 December 2012 10:57[Source: ICIS news]

LONDON (ICIS)--BASF has extended its offer period to acquire all of the issued and outstanding shares of Norway-based omega-3 fatty acids manufacturer Pronova BioPharma until 18 January 2013, the German chemicals major said on Wednesday. The offer period had been set to end on 19 December.

BASF first announced it was planning to acquire Pronova on 21 November, and will offer to pay Norwegian kroner (NKr) 12.50 ($2.23, €1.69) in cash for each Pronova share.

Based on all outstanding shares and including all net financial liabilities, the enterprise value would be NKr4.85bn, BASF said.

BASF said by 19 December 2012, at 09:00 Central European Time, it had received acceptances under the voluntary offer for a number of shares representing approximately 67.2% of the issued shares and votes in Pronova.

The new 18 January deadline represents the maximum extension of the offer period.

Pronova’s board of directors and its management “unanimously support BASF's offer and recommend its acceptance”, BASF said.

The company expects closing of the offer in the first quarter of 2013, subject to fulfilment of all relevant offer conditions.